Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)12. Suspension, reinstatement or withdrawal of recognition |
| (1) | The Council may at any time suspend or withdraw recognition— |
| (a) | on application by the scheme; |
| (b) | if the scheme has ceased to function; or |
| (c) | if the scheme no longer complies with any provision of this Act. |
| (2) | The Council may reinstate the recognition of a suspended scheme if the reason for the suspension no longer exists. |
| (3) | The registrar must in the prescribed manner publish a notice of suspension, reinstatement or withdrawal of recognition in the Gazette. |
| (4) | A suspension or withdrawal of recognition for the reasons contemplated in paragraphs (b) and (c) of subsection (1)— |
| (a) | may only be made after the scheme in question has been afforded a reasonable opportunity to be heard; and |
| (b) | is subject to an appeal by the scheme in question to the board of appeal established by section 26(1) of the Financial Services Board Act. |
| (5) | For the purposes of an appeal contemplated in subsection (4)(b) the provisions of section 26 of the Financial Services Board Act apply with the necessary changes. |